|
EconStor >
Karlsruher Institut für Technologie (KIT) >
Fakultät für Wirtschaftswissenschaften, Karlsruher Institut für Technologie (KIT) >
Working Paper Series in Economics, Karlsruher Institut für Technologie (KIT) >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/58244
|
| | |
Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Hillebrand, Marten | | en_US |
| dc.contributor.author | | Kikuchi, Tomoo | | en_US |
| dc.date.accessioned | | 2012-05-23 | | en_US |
| dc.date.accessioned | | 2012-06-04T11:26:37Z | | - |
| dc.date.available | | 2012-06-04T11:26:37Z | | - |
| dc.date.issued | | 2012 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/58244 | | - |
| dc.description.abstract | | We study an exchange economy with overlapping generations of consumers who derive utility from consuming a non-durable commodity and housing. A banking sector offers loans to finance housing. We provide a complete characterization of the equilibrium dynamics which alternates between an expansive regime where housing prices increase and banks expand loans and a contractive regime associated with decreasing housing values and shrinking credit volume. Regime switches occur even under small but persistent income changes giving rise to large and recurrent booms and busts in housing prices not reflecting changes in fundamentals. | | en_US |
| dc.language.iso | | eng | | en_US |
| dc.publisher | | KIT Karlsruhe | | en_US |
| dc.relation.ispartofseries | | Working paper series in economics 40 | | en_US |
| dc.subject.jel | | C62 | | en_US |
| dc.subject.jel | | E32 | | en_US |
| dc.subject.jel | | G21 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | OLG | | en_US |
| dc.subject.keyword | | Housing prices | | en_US |
| dc.subject.keyword | | Credit volume | | en_US |
| dc.subject.keyword | | Boom-bust scenarios | | en_US |
| dc.subject.keyword | | Regime switching | | en_US |
| dc.subject.stw | | Immobilienpreis | | en_US |
| dc.subject.stw | | Wohnimmobilien | | en_US |
| dc.subject.stw | | Kredit | | en_US |
| dc.subject.stw | | Immobilienfinanzierung | | en_US |
| dc.subject.stw | | Konjunktur | | en_US |
| dc.subject.stw | | Overlapping Generations | | en_US |
| dc.subject.stw | | Dynamisches Gleichgewicht | | en_US |
| dc.subject.stw | | Theorie | | en_US |
| dc.title | | A mechanism for booms and busts in housing prices | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 716007320 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | en_US |
| dc.identifier.repec | | RePEc:zbw:kitwps:40 | | - |
| Appears in Collections: | | Working Paper Series in Economics, Karlsruher Institut für Technologie (KIT)
|
Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.
|